Meeder Asset Management Inc. trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 71.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,394 shares of the basic materials company’s stock after selling 13,457 shares during the period. Meeder Asset Management Inc.’s holdings in Eastman Chemical were worth $394,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of EMN. First Midwest Bank Trust Division increased its position in Eastman Chemical by 19.7% in the 3rd quarter. First Midwest Bank Trust Division now owns 10,131 shares of the basic materials company’s stock worth $970,000 after purchasing an additional 1,666 shares during the last quarter. Wright Investors Service Inc. acquired a new position in Eastman Chemical in the 3rd quarter worth about $302,000. California Public Employees Retirement System increased its position in Eastman Chemical by 2.6% in the 2nd quarter. California Public Employees Retirement System now owns 394,656 shares of the basic materials company’s stock worth $39,450,000 after purchasing an additional 10,006 shares during the last quarter. Schroder Investment Management Group increased its position in Eastman Chemical by 46.3% in the 2nd quarter. Schroder Investment Management Group now owns 36,278 shares of the basic materials company’s stock worth $3,617,000 after purchasing an additional 11,482 shares during the last quarter. Finally, Commonwealth Bank of Australia increased its position in Eastman Chemical by 10.8% in the 3rd quarter. Commonwealth Bank of Australia now owns 19,437 shares of the basic materials company’s stock worth $1,856,000 after purchasing an additional 1,900 shares during the last quarter. 82.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:EMN opened at $78.91 on Wednesday. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $112.45. The company has a market cap of $11.37 billion, a P/E ratio of 10.37, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.69 and a debt-to-equity ratio of 0.98.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. On average, equities research analysts forecast that Eastman Chemical will post 8.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 4th. Investors of record on Monday, December 17th were paid a dividend of $0.62 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, December 14th. This represents a $2.48 annualized dividend and a yield of 3.14%. Eastman Chemical’s dividend payout ratio is presently 32.59%.
In other Eastman Chemical news, Director David W. Raisbeck bought 13,500 shares of the firm’s stock in a transaction that occurred on Friday, December 7th. The stock was purchased at an average price of $73.21 per share, for a total transaction of $988,335.00. Following the purchase, the director now directly owns 35,418 shares in the company, valued at $2,592,951.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is owned by corporate insiders.
A number of research analysts have recently commented on EMN shares. JPMorgan Chase & Co. lowered Eastman Chemical from an “overweight” rating to a “neutral” rating in a report on Friday, October 5th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, October 8th. Nomura lowered their price objective on Eastman Chemical from $111.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. SunTrust Banks lowered their price objective on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating on the stock in a report on Monday, October 29th. Finally, Morgan Stanley raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective on the stock in a report on Thursday, January 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $97.00.
Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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